Bannatyne Group CEO Justin Musgrove: More growth on the horizon in 2018

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CEO Justin Musgrove says there will be further growth in 2018 (Source: Bannatyne Group)

Alys Key

Profits soared at Dragon's Den star Duncan Bannatyne's gym and spa empire last year after an investment programme re-energised the estate.

Bannatyne Group, which operates premium health clubs including 71 gyms, 46 spas and four hotels, said today it had brought in record turnover of £117.6m, up from £112.2m in 2016.

Profit before tax jumped a whopping 57 per cent to £14.3m.

The company said that 99 per cent of its gyms had now been refurbished, spending £14m on modernisation and £2.4m on maintenance. Meanwhile the portfolio has expanded with four acquisitions as well as nine new spa openings.